3 Bitcoin Mining Records Set in October — BTC Hash Price Taps Lifetime Low, While Hashrate and Difficulty Surged

3 Bitcoin Mining Records Set in October — BTC Hash Price Taps Lifetime Low, While Hashrate and Difficulty Surged

This month bitcoin’s hash price tapped an all-time low of $66,500 per exahash on Oct. 25, according to statistics from the onchain market intelligence firm Glassnode. Alongside this, the network’s mining difficulty reached a lifetime high at 36.84 trillion on Oct. 23. Despite the high mining difficulty and the lower prices, Bitcoin’s total hashrate reached an all-time high at 325.11 exahash per second (EH/s) as 4,578 blocks were generated during the past 30 days. Bitcoin Hash Price Sinks, Hashrate Taps a Lifetime High, Difficulty Reaches New Heights

While the month of October did see an “Uptober,” as far as 30-day percentage gains are concerned, the month also saw a few mining records. The most notable was the all-time hashrate high recorded at block height 758,138, when Bitcoin’s (BTC) total hashrate reached 325.11 EH/s. Bitcoin’s hashrate reached a lifetime high in October, touching 325.11 EH/s on Oct. 10, 2022, at block height 758,138.

Bitcoin’s hashrate has remained above the 200 EH/s mark all month long, but reached a low of 215 EH/s on Oct. 10. The hashrate average over the last 2,016 blocks (roughly two weeks) was around 259.8 EH/s.

Bitcoin’s record high hashrate has made it so the network has experienced two difficulty changes this month that have increased. The first difficulty adjustment change was the largest difficulty retarget in 2022, jumping 13.55% at block height 758,016 on Oct. 10. On Oct. 25, 2022, bitcoin mining revenue per exahash hit an all-time low.

The second retarget in October took place on Oct. 23, as the shift increased upwards again by 3.44%. Both of these upwards shifts combined brought the network’s difficulty to a lifetime high at 36.84 trillion. 4,578 blocks were discovered in October with Foundry USA commanding the top position in terms of hashpower.

The next difficulty change is not due until next month on Nov. 6, and it’s expected to decrease by 1.51%. Price-wise, while the crypto winter has been tough on bitcoin miners, October was the best month out of the last three months for BTC prices.

Bitcoin gained more than 5% against the U.S. dollar during the 30-day span. During the last 30 days, bitcoin miners discovered 4,578 blocks which produced 28,612.50 newly minted bitcoins. Out of the 4,578 blocks, the top mining pool, Foundry USA, discovered 1,186 blocks.

Over the last 30 days, Foundry’s total hashrate equated to 25.91% of the global hashrate. During the last month, bitcoin miners have managed quite the feat by pushing the hashrate and mining difficulty to record highs, while bitcoin’s hash price has been at the lowest it’s ever been in close to 14 years.

With all these factors, it will be interesting to see what happens to the hashrate and difficulty metrics when bitcoin’s hash price reaches higher prices, rather than the all-time lows recorded this month. Tags in this story 36.84 trillion, All time high, Bitcoin, Bitcoin (BTC), Bitcoin Miners, Bitcoin mining, BTC Mining, BTC Prices, crypto mining, Foundry, Foundry USA, Hashpower, Hashrate, hashrate ATH, hashrate shift, total hashrate

What do you think about the state of bitcoin mining during the month of October? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Paraguay Warns About Growth of Illegal Bitcoin Mining Operations and Effect on Power Stability of the Country MINING | 10 hours ago Core Scientific Shares Downgraded After SEC Filing Hints at Possible Bankruptcy MINING | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBiggest Movers: BNB Rallies to 5-Month High on Monday Next articleBitget Launches ‘Bitget Insights’ to Enhance Social Trading Initiatives Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Tony Hawk"s Latest NFTs to Come With Signed Physical Skateboards Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method